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Gold Continues to Rise amid Mix of Positive Factors

Summary:
Gold continued to rise today as fundamentals remained supportive for the metal. The dovishness of the Federal Reserve continued to affect markets, hurting the dollar and bolstering gold. The escalation of conflict between the United States and Iran was fueling demand for bullion as a safe haven. But the commodity has a potential threat in the form of upcoming G20 meeting, and specifically hopes for negotiations between the USA and China. If the two world’s largest economies and big trading partners manage to make progress in trade talks that will remove a big chunk of risk premium from markets, potentially seriously weakening gold. Futures for delivery of bullion in August advanced 0.44% to ,403.00 per troy ounce as of 21:23 GMT on COMEX today. Surprisingly, silver did not join the rally

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Gold continued to rise today as fundamentals remained supportive for the metal. The dovishness of the Federal Reserve continued to affect markets, hurting the dollar and bolstering gold. The escalation of conflict between the United States and Iran was fueling demand for bullion as a safe haven. But the commodity has a potential threat in the form of upcoming G20 meeting, and specifically hopes for negotiations between the USA and China. If the two world’s largest economies and big trading partners manage to make progress in trade talks that will remove a big chunk of risk premium from markets, potentially seriously weakening gold.

Futures for delivery of bullion in August advanced 0.44% to $1,403.00 per troy ounce as of 21:23 GMT on COMEX today. Surprisingly, silver did not join the rally as the September contract sank as much as 0.98% to $15.34 per ounce. Meanwhile, spot price for platinum gained 0.29% to $809.88 per ounce and palladium climbed 1.18% to $1,504.46 per ounce. September contract for delivery of copper declined 0.29% to $2.7040.


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Vladimir Vyun
Vladimir is an online journalist with background in computer science and work experience in pension funds. He contributes news reports, fundamental analysis and sentiment forecasts to TopForexNews.com and CommodityBlog.com. His main specialization is the currencies of emerging economies and inter-market correlations with commodity and bond trading.

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